Legislation

Commercial banks allowed to extend loans for mergers and acquisitions.

New branches of wholly foreign-owned banks may be exempted from pre-payment of tax.

Banks not allowed to provide security for trust products.

A new era of differentiated regulation for insurance companies.

Chongqing allows network price bidding for state-owned assets and equity.

Hong Kong and Macao investors allowed to be sole owners in the commercial sector.

The Circular addresses the issues of wages and salaries, total payroll, and deduction of employee benefit expenses.

The Guidelines allows commercial bank establishments with legal personality to engage in the extension of loans for mergers and acquisitions and set forth the criteria therefor.

The total of the amount of capital contribution in the form of valuated equity and of capital contribution in the form of other valuated non-monetary property by all of the shareholders may not exceed 70% of the registered capital of the investee company.